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Northern Farmers Lose 20 million in Rice Loan Scam

Rice Farmers in Phan Chiangrai Thailand

 

CHIANGRAI TIMES – Farmers from the provinces of Chiang Rai, Phrae, Nan and Phayao _ claimed they were duped by Suriyan Wachirawongwichathorn and 10 others into investing in what seemed like a profitable rice mortgage scheme.

The 50 northern farmers yesterday turned to deputy House speaker Wisuth Chainarun for help after being swindled out of 20 million baht in what they said was a bogus business scheme.

They said they were persuaded by Mr Suriyan, who owns Poottipong Farming United, to seek loans from financial institutions and banks and use the money to set up cooperatives to buy rice from rice farmers.

Kaj Panyala, head of the Insri Sri Chomchaeng rice farmers’ group in Phayao’s Chun district, said the company issued them cheques in exchange for the rice.

However, the company never put any money into the group’s bank account and the cheques subsequently bounced.

Sakulrat Laisak, a former village head in Chiang Rai’s Wiang Chai district, said Mr Suriyan promised he would double his investment.

Mr Sakulrat took out a loan worth 1 million baht using three vehicles as collateral. Some farmers used their land as collateral.

Mr Sakulrat said farmers in Wiang Chai district have lost about 2.5 million baht.

Aram Yod-oi, a farmer from Phrae, said he and his neighbours lost 500,000 baht to the scam.

Mr Wisuth said he would lodge a petition with the Department of Special Investigation (DSI) and ask the agency to investigate it as a special case.

Suspects would have their assets seized to ensure that victims get their money back.

Mr Wisuth said the case justifies DSI intervention as the suspects are accused of operating a similar scheme in north-eastern provinces.

Pol Lt Col Kansak Surinthachai, deputy superintendent of Chun police station, said police have summoned Mr Suriyan for questioning.

He said an arrest warrant will be issued if he fails to show up.

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Posted by on Jun 11 2012. Filed under Chaingrai Farming & Agriculture, Chiangrai News. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.
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